Business Wire News

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX), one of the world’s leading energy companies, will hold its quarterly earnings conference call on Friday, January 27, 2023, at 11:00 a.m. ET (8:00 a.m. PT).


Conference Call Information:
Date: Friday, January 27, 2023
Time: 11:00 a.m. ET / 8:00 a.m. PT
Dial-in # (Listen-only mode): 888-256-9157
Conference ID #: 8377370

Speakers:
Mike Wirth – Chairman of the Board and Chief Executive Officer
Pierre Breber – Vice President and Chief Financial Officer
Roderick Green – General Manager, Investor Relations

To access the live webcast, visit www.chevron.com.

The meeting replay will also be available on the company website under the “Investors” section.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.


Contacts

Randy Stuart
+1 (713) 283-8609

VISTA, Calif.--(BUSINESS WIRE)--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, today issued a letter to shareholders from Ron Dutt, CEO of Flux Power.


Dear Fellow Shareholders,

On behalf of the entire team at Flux Power, we hope you had a wonderful Holiday Season and wish you a Happy New Year!

Throughout calendar year 2022, Flux Power continued its record of high growth while executing key initiatives to address supply chain disruption and accelerate our path to cash flow breakeven. The year was highlighted by new purchase orders from installed and new customers, a reduction in backlog, and the addition of new lithium-ion battery packs. We ended 2022 with over 15,000 high performance battery packs in the field for lift trucks and other industrial equipment including airport ground support equipment (GSE), and stationary energy storage for EV charging. These accomplishments, as of last reported September 30, 2022 quarter, resulted in now 17 consecutive quarters of year-over-year revenue growth, record gross margin, and a $26.9 million customer order backlog.

2022 Initiatives Accomplished:

  • New product designs supporting customer requirements, part commonality, and improved serviceability and manufacturability
  • On track with gross margin expansion initiatives that drive to profitability
  • Price increases on new orders
  • Utilized lower cost, more reliable, and secondary suppliers of key components
  • Transition of product lines to new modular platform for battery packs, resulting in margin enhancement, part commonality, and improved serviceability
  • Development of an in-house vibration table and temperature control unit for battery testing, enabling lower cost and expedited UL and UN38.3 testing
  • Production facility improvements to increase throughput and support backlog
  • Customer order backlog decreased from $35.0M to $26.9 million as of September 30, 2022
  • Improved manufacturing capacity and production processes, including progress implementing lean manufacturing, increased throughput and reduced the time to fulfill customer orders
  • Inventory turns during the first fiscal quarter of 2023 increased from 3.4X to 3.6X
  • New customer acquisition with Fortune 100 & 500 companies
  • Current and potential pipeline of customers continues to expand with 2 new Fortune 500 customers during the first fiscal quarter of 2023, and a full product line that caters to large fleets who seek a “relationship” partner to meet ongoing needs.

We learned many lessons from the global supply chain disruptions during the COVID-19 pandemic, which led to a series of strategic supply chain and profitability improvement initiatives. The result of these initiatives included a reduced backlog facilitated by sourcing actions to mitigate part shortages and to increase confidence in future supplier performance. Our strategic initiatives to accelerate backlog conversion to shipments and increase inventory turns are also driving revenue results and gross margins that we believe will lead to profitability.

During the year, our revenue growth reflected global companies seeking to reduce emissions and mitigate the impact of climate change through fleet electrification. An increasing combination of sustainability initiatives, cost savings and government regulations are driving companies to look for solutions that reduce carbon emissions and fulfill their environmental, social and governance goals.

To capture the diverse and increasing needs of customers, we introduced several new battery packs in 2022. A new high-capacity S24 (210Ah) battery pack for walkie pallet jacks, which previously was only available in a 105Ah version, is now available in a high-capacity version, delivering 210Ah for extra-long and demanding shifts. Our C48 lithium-ion battery pack for Automated Guided Vehicles (AGV) and Autonomous Mobile Robots (AMR) were introduced in response to their increasing demand due to labor shortages in warehouses and distribution centers. AGVs and AMRs require a robust battery solution for high utilization rates and improved downtime. In response to customer requests for a 36-volt option for our 3-wheel forklifts, we leveraged the customer feedback from our L48 battery to develop a newly designed L36 volt offering to power 3-wheel forklifts. As a company dedicated to leading the adoption of clean, safe, and innovative lithium technology platforms, we will continue to grow our product line and expand our reach into new applications.

We continue to leverage our first mover position in lithium-ion adoption with our growing list of new and diverse Fortune 500 customers. Our commitment, consistent performance and trustworthiness are the foundation for long-term, sustainable relationships with our customers. In fact, our emphasis on building strong partnerships with our existing customers has enhanced our order volume, with nearly 90% of revenue during the third quarter attributed to customers with whom we have had long-term relationships. We expect our installed base customers will continue adopt lithium-ion packs for their fleet needs, reflecting customers patterns of ordering new forklifts. Expanding revenues from these relationships help drive new customers to our technology.

Looking ahead into 2023, we believe 2023 should be a milestone year for Flux Power as we continue our growth trajectory, encouraged by strong purchase orders, improving backlog and continued expansion of margins through improved sourcing and supply chain management, continual process improvement, and pricing. At the same time, we will be advancing our technology, capacity, and customer and partnership relationships to support scaling our business. We thank all our shareholders for your ongoing support as we work diligently to build on the short and long-term value of our company and look forward to seeing some of you at our on-site investor day planned to take place within the coming months.

We wish you all the best for a happy, healthy, safe, prosperous, and successful new year!

Best Regards,

Ron Dutt
CEO, Flux Power

About Flux Power Holdings, Inc.

Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.

Forward-Looking Statements

This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to obtain the necessary funds under the credit facilities, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products, and Flux Power’s ability to negotiate and enter into a definitive agreement in connection with the Letter of Intent. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

Follow us at:

Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power


Contacts

Media & Investor Relations:
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External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.mzgroup.us

TORONTO--(BUSINESS WIRE)--Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today announced it has signed an amendment (the “Amendment”) to a 2021 share purchase and option agreement with Kuya Silver Corporation (“Kuya”) relating to silver and cobalt exploration assets in the Canadian Cobalt Camp (the “Assets”).


Highlights of the Amended Agreement

  • Electra has granted to Kuya the right to acquire a 100 percent interest in its remaining assets in the Canadian Cobalt Camp.
  • To exercise this right, Kuya is required to make a payment in cash or in the equivalent value of its shares totaling $1 million to Electra on or prior to January 31, 2023. The equivalent value of Kuya’s shares will be based on the share price equivalent to the earn-in volume weighted average price prior to the issuance.
  • Kuya has also agreed to enter into a royalty agreement with Electra whereby it will grant Electra a two percent royalty on net smelter returns from commercial production derived from the remaining assets.
  • Electra will retain a right of first offer to refine any base metal concentrates produced from the Assets at Electra’s Ontario refinery.

“Our initial agreement with Kuya was designed to allow us to maximize shareholder value for our exploration assets in Ontario, given our primary focus on recommissioning North America’s first cobalt sulfate refinery,” said Trent Mell, Electra’s CEO. “Accelerating the terms of the initial agreement with Kuya allows us to focus on advancing our strategy of developing an integrated battery materials complex that combines the production of cobalt, nickel, and manganese sulfates with the recycling of battery black mass.”

Electra and Kuya first entered into a share purchase and option agreement on February 26, 2021 whereby Kuya acquired a 100 percent interest in the property package surrounding the Kerr Lake area for $4 million and an option to earn up to a 70 percent interest in Electra’s remaining assets for an additional $1 million. Under the original agreement, Kuya was required to make $1 million in additional payments and invest $4 million in exploration activities. Pursuant to the terms of the Amendment, Kuya will also be assuming management of any ongoing obligations and liabilities associated with the Assets.

The Cobalt Camp

Electra held the largest land package in the historic silver-cobalt mining camp of Cobalt, Ontario, with more than 10,000 hectares and over 50 past-producing mines, including some of the region’s largest high-grade silver producers. The Company conducted extensive exploration from 2017 to 2019 that included creating a proprietary 3D geological model based on digital compilation of historic mine workings, integrated with exploration drilling, geophysical data and surface bedrock geology maps.

Over 600 million ounces of silver and 50 million pounds of cobalt were mined in the district along with copper and nickel over a 60-year period. Discovered in 1903, silver production peaked between 1919 to 1931. Exceptionally high-grade vein-style, native silver mineralization was mined at up to 185 oz/t Ag (5,200 g/t Ag) from surface and underground.

About Kuya Silver Corporation

Kuya Silver is a Canadian-based mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals in Peru and Canada.

About Electra Battery Materials

Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America’s only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra’s refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec. For more information visit www.ElectraBMC.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects', “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


Contacts

Joe Racanelli
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
1.416.900.3891

  • UGI invests approximately $150 million in two new dairy cluster RNG projects located in South Dakota
  • Expects to generate approximately 525 million cubic feet of RNG annually once these projects are completed in calendar year 2024
  • GHI Energy, a wholly owned subsidiary of UGI, to be the exclusive marketer for these projects

WYOMISSING, Pa.--(BUSINESS WIRE)--#Biogas--UGI Corporation (NYSE: UGI) announced today that MBL Bioenergy has entered an agreement to develop its second and third clusters of dairy manure waste to renewable natural gas (“RNG”) projects in South Dakota. In total, these additional projects will represent approximately $150 million of investment by MBL Bioenergy, of which 100% of the funds will be provided by UGI Energy Services, LLC (“UGIES”), a subsidiary of UGI. MBL Bioenergy is a joint venture partnership between UGIES, Sevana Bioenergy and a subsidiary of California Bioenergy (“CalBio”) with the sole purpose of developing RNG projects in South Dakota.



The second cluster project, Brookings, will be built at three farms located near Estelline, South Dakota, and is expected to generate approximately 300 million cubic feet of RNG annually once completed in calendar year 2024. Dairy waste from the farms will be anaerobically digested, producing biogas which will then be piped to a gas upgrading facility before it is delivered into the local natural gas distribution system.

The third cluster project, Lakeside, will be built at two farms located near Summit, South Dakota, and is expected to generate approximately 225 million cubic feet of RNG annually once completed in calendar year 2024. Similar to the second cluster, dairy waste from the farms will be anaerobically digested and biogas piped to a gas upgrading facility before it is delivered into the local natural gas distribution system. UGIES, through its wholly owned subsidiary, GHI Energy, will be the exclusive marketer for MBL Bioenergy for these projects.

“This project sets a new standard for UGI in terms of scope and size and represents a key milestone in UGI’s investments in RNG projects,” said Robert F. Beard, Chief Operations Officer, UGI. “We are pleased to be partnering with industry-leading developers on this project that will substantially reduce greenhouse gas emissions, using dairy RNG as a vehicle fuel. In May of 2022, UGI committed over $70 million of investment to fund the Moody cluster of three dairies. The Moody cluster is now well into construction and anticipated to be online in late 2023. We look forward to making additional investments in our MBL partnership as we advance the use of RNG as an environmentally responsible and clean energy solution.”

“This expansion of our partnership with UGI is another important step forward in expanding our carbon negative renewable natural gas business,” said N. Ross Buckenham, CEO of CalBio. “Our dairy methane capture and refining projects are delivering significant environmental benefits, improving economics for dairy farm partners and supplying a clean burning diesel replacement fuel.”

“Sevana values this commitment to expand our partnership and engage South Dakota dairy farmers and communities to benefit the local economy and environment,” said Steve Compton, President of Sevana. “We are excited to build a value chain of strong relationships to decarbonize transportation fuels and significantly reduce greenhouse gas emissions. Sevana’s team of biogas experts is deploying state-of-the-art renewable energy technology across multiple RNG projects in agricultural communities.”

About UGI Corporation

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States and California, and internationally in France, Belgium, and the Netherlands.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

About Sevana

Sevana Bioenergy develops, designs, owns and operates large-scale anaerobic digestion projects which produce renewable natural gas and organic based soil amendments. Using state-of-the-art technology, engineering, and design, we are advancing the future of biogas energy production in the United States. Biogas projects reduce waste, increase the use of renewable energy and reduce long-term greenhouse gas emissions. Our mission is to be a market leader in accelerating the production of renewable natural gas derived from anaerobic digestion facilities in North America. With an experienced team of national and international experts, we build value-add partnerships in agricultural communities by creating new markets for existing agricultural businesses. Our goal is to ensure that communities benefit and thrive through these partnerships while building renewable solutions to local waste and energy challenges. More information is available at www.sevanabioenergy.com.

About CalBio

CalBio is a leading developer of dairy digesters for generating renewable vehicle fuel and electricity. Founded in 2006, CalBio works closely with local and state agencies, the California Air Resources Board, USDA, the dairy industry and individual dairy farmers to achieve methane reductions, protect local air and water quality, and create jobs. CalBio is currently operating and/or developing over 100 dairy digester projects in California and now through its affiliates: Midwest Bio, Northwest Bio, and Southwest Bio, is developing projects across the west. For more information call CalBio or visit: www.calbioenergy.com.


Contacts

UGI Investor Relations
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498

LYNCHBURG, Va.--(BUSINESS WIRE)--$BWXT--BWX Technologies, Inc. (NYSE: BWXT) has promoted Ronald O. (Chip) Whitford, Jr. to the position of senior vice president, general counsel, chief compliance officer and corporate secretary, effective January 2, 2023. Whitford is succeeding Thomas E. McCabe, who will serve as special advisor to the CEO until his retirement on August 1, 2023.


Whitford joined the company in 2017 and most recently has served as vice president, deputy general counsel and assistant corporate secretary, for the company. In his new role, Whitford will have responsibility for BWXT’s legal, ethics and compliance functions as well as serving as an executive liaison and secretary to the board of directors.

“As a part of our succession planning process, we are extremely fortunate to have someone of Chip’s caliber and experience fully ready to take on this crucial position for BWXT,” said Rex Geveden, president and chief executive officer. “We wish Tom McCabe, our outgoing general counsel, all the best in retirement and appreciate him staying with us in an advisory capacity through July 2023.”

Prior to joining BWXT, Whitford served as in-house counsel for a number of public companies in the manufacturing, financial services and software industries. He served as general counsel and secretary of Tasty Baking Company; vice president, legal and assistant secretary of PHH Corporation; associate general counsel and assistant secretary of Lorillard, Inc.; and group vice president, associate general counsel and assistant secretary of Rimini Street, Inc.

Whitford began his legal career in private practice in Cleveland, Ohio. He holds a bachelor’s degree in economics and English from the University of Michigan and a law degree from Case Western Reserve University School of Law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.


Contacts

Media Contact
Jud Simmons
Director, Media & Public Relations
434.522.6462 This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Contact
Mark Kratz
Vice President, Investor Relations
980.365.4300 This email address is being protected from spambots. You need JavaScript enabled to view it.

Project Aims to Sequester Initial 370,000 Metric Tons of CO2 Per Annum

LONG BEACH, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) today announced a Carbon Dioxide Management Agreement (CDMA) between Carbon TerraVault Holdings, LLC (CTV) and Grannus, LLC (Grannus), an independent clean-tech company that is building a portfolio of blue ammonia and hydrogen production facilities to supply the agriculture, mobility and marine fuel markets, to sequester 370,000 metric tons (MT) of carbon dioxide (CO2) per annum at CTV III from a new blue ammonia and hydrogen plant to be constructed in Northern California. Called the Grannus Blue Ammonia and Hydrogen Project, the project aims to be California’s first blue ammonia and hydrogen facility producing 150,000 MT per annum of blue ammonia and 10,000 MT per annum of blue hydrogen.


The blue ammonia facility will use Grannus’ patented process which is expected to operate a virtually emissions-free facility once the CO2 is sequestered. The facility will produce blue hydrogen which is combined with nitrogen to produce ammonia for use in nitrogen-based fertilizers, while the generated CO2 will be captured and then stored permanently underground by CTV. California produces over a third of the country’s vegetables and three-quarters of the country’s fruits and nuts, providing a strong ammonia market in the state. The blue ammonia fertilizer is expected to be supplied to CALAMCO, an investor in Grannus and a California-based cooperative made up of approximately 900 dealer and grower members, which represents the majority of agricultural ammonia demand in the state.

“We are thrilled for the expansion of our decarbonization efforts in Northern California where we see an incredible amount of carbon capture and storage (CCS) opportunities,” said Mac McFarland, CRC’s President and Chief Executive Officer. “Our partnership with Grannus begins a new chapter of carbon storage in Northern California and also positions Grannus as one of the leading clean-tech companies in the state by introducing a blue ammonia facility in San Joaquin County with permanent CO2 storage through Carbon TerraVault.”

“As a next generation clean-tech company, we are excited to partner with such a knowledgeable carbon management provider as Carbon TerraVault due to their unique vault positioning in the heart of Northern California’s industrial sectors, strong subsurface expertise, and their leadership in California’s new energy economy and carbon management,” added Matthew Cox, Grannus’ Chief Executive Officer. “California’s first blue ammonia fertilizer production facility is expected to further reduce the carbon intensity of California’s agricultural sector while delivering environmentally conscious food to every American’s doorstep. We look forward to furthering our decarbonization efforts in California.”

CDMA Highlights:

  • The Grannus Blue Ammonia and Hydrogen Project will employ a patented Partial Oxidation (POx) technology with an integrated carbon capture system. The facility is expected to produce 150,000 MT per annum of blue ammonia and 10,000 MT per annum of blue hydrogen. This translates to an initial 370,000 MT per annum of associated CO2 that will be permanently sequestered at CTV III which has a total expected CO2 storage capacity of 71 million MT
  • Grannus has entered into a master ammonia sales agreement with CALAMCO in an amount up to its total ammonia requirements. A binding offtake agreement with respect to the Grannus Blue Ammonia and Hydrogen Project is subject to finalization and approval by Grannus and CALAMCO
  • Final Investment Decision (FID) for the project and commercial operational dates are being further refined; however, at the latest the project is expected to be commercial by the end of 2027 aligning with CTV’s goal of 5 million MT per annum by end of 2027
  • CTV will provide infield transportation and a permanent CO2 storage site in exchange for an injection fee on a per ton basis that fits within the previously disclosed economic type-curve for projects that require a storage-only solution
  • The project’s location in proximity to the CTV III vault will eliminate the need for long haul CO2 transportation and certain midstream capital requirements
  • CO2 capture capital will be effectively eliminated as CO2 capture equipment, the most capital-intensive portion of CCS projects, is inherently incorporated into the base design of the new Grannus Blue Ammonia and Hydrogen facility
  • The CDMA provides Grannus with access to 50 surface acres with the option for an additional 50 acres if expansion is pursued
  • CTV will have the right to take a majority stake in the total outstanding equity of the project company that holds the Grannus Blue Ammonia and Hydrogen Project
  • CTV will have an option to purchase equity in Grannus as well as a right of first refusal to provide storage services for subsequent Grannus ammonia and hydrogen projects in California
  • The CDMA frames the contractual terms between parties by outlining the material economics and terms of the project and includes conditions precedent to close. The CDMA provides a clear path for the parties to reach final definitive documents and FID

The construction process of the new Grannus Blue Ammonia and Hydrogen Project and associated CCS infrastructure is expected to provide at its peak approximately 250 temporary construction jobs and 31 permanent technical jobs, further benefiting California’s economy and supporting the state’s energy transition ambitions.

About Carbon TerraVault

Carbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC, provides services that include the capture, transport and storage of carbon dioxide for its customers. CTV is engaged in a series of CCS projects that inject carbon dioxide (CO2) captured from industrial sources into depleted underground reservoirs and permanently store CO2 deep underground. For more information about CTV, please visit www.carbonterravault.com.

About California Resources Corporation

California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and CRC is focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.

About Grannus

Grannus, LLC is an independent clean-tech company that is building a portfolio of blue ammonia and hydrogen production facilities to supply the agriculture, mobility and marine fuel markets. Grannus is focused on selecting technologies and processes that improve the project’s environmental profile while simultaneously delivering attractive returns to stakeholders. Grannus was formed in 2012 to develop and bring to market next generation hydrogen and ammonia production process technology. Grannus’ patented process replaces the traditional steam methane reformer with a more efficient partial oxidation boiler. This novel process creates synthesis gas at the lowest emissions level in the industry at efficiency levels exceeding existing best-of-class plant designs. For more information, visit www.grannusllc.com.

Forward-Looking Statements

This document contains statements that CRC believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts are forward-looking statements, and include statements regarding CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives of management for the future. Words such as "expect," “could,” “may,” "anticipate," "intend," "plan," “ability,” "believe," "seek," "see," "will," "would," “estimate,” “forecast,” "target," “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.

Although CRC believes the expectations and forecasts reflected in CRC's forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond CRC's control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC's actual results to be materially different than those expressed in CRC's forward-looking statements include:

  • fluctuations in commodity prices and the potential for sustained low oil, natural gas and natural gas liquids prices;
  • equipment, service or labor price inflation or unavailability;
  • legislative or regulatory changes, including those related to (i) the location, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, (ii) the management of energy, water, land, greenhouse gases (GHGs) or other emissions, (iii) the protection of health, safety and the environment, (iv) CRC's ability to claim and utilize tax credits or other incentives, or (v) the transportation, marketing and sale of CRC's products and CO2;
  • availability or timing of, or conditions imposed on, permits and approvals necessary for drilling or development activities and carbon management projects;
  • changes in business strategy and CRC's capital plan;
  • lower-than-expected production, reserves or resources from development projects or acquisitions, or higher-than-expected decline rates;
  • incorrect estimates of reserves and related future cash flows and the inability to replace reserves;
  • the recoverability of resources and unexpected geologic conditions;
  • CRC's ability to successfully execute on the construction and other aspects of the infrastructure projects and enter into third party contracts on contemplated terms;
  • CRC's ability to realize the benefits contemplated by the business strategies and initiatives related to energy transition, including carbon capture and storage projects and other renewable energy efforts;
  • CRC's ability to successfully identify, develop and finance carbon capture and storage projects and other renewable energy efforts, including those in connection with the Carbon TerraVault;
  • CRC’s ability to finalize definitive documents and reach a final investment decision with respect to the project contemplated by a carbon development management agreement, and its ability to enter into new carbon development management agreements that are under discussion with other counterparties;
  • the timing and ability of the Grannus Blue Ammonia and Hydrogen Project to achieve expected production volumes of ammonia and hydrogen and associated CO2 and the ability of the CTV to sequester such CO2 volumes;
  • the negotiation of a binding offtake agreement between Grannus and CALAMCO for the Grannus Blue Ammonia and Hydrogen Project;
  • global geopolitical, socio-demographic and economic trends and technological innovations;
  • changes in CRC's dividend policy and its ability to declare future dividends under its debt agreements;
  • changes in CRC's share repurchase program and its ability to repurchase shares under its debt agreements;
  • production-sharing contracts' effects on production and operating costs;
  • limitations on CRC's financial flexibility due to existing and future debt;
  • insufficient cash flow to fund CRC's capital plan and other planned investments, stock repurchases and dividends;
  • insufficient capital or lack of liquidity in the capital markets or inability to attract potential investors;
  • limitations on transportation or storage capacity and the need to shut-in wells;
  • inability to enter into desirable transactions, including acquisitions, asset sales and joint ventures;
  • CRC's ability to achieve expected synergies from joint ventures and acquisitions;
  • CRC's ability to utilize its net operating loss carryforwards to reduce its income tax obligations;
  • CRC's ability to successfully gather and verify data regarding emissions, its environmental impacts and other initiatives;
  • the compliance of various third parties with CRC's policies and procedures and legal requirements as well as contracts it enters into in connection with CRC's climate-related initiatives;
  • the effect of CRC's stock price on costs associated with incentive compensation;
  • changes in the intensity of competition in the oil and gas industry;
  • effects of hedging transactions;
  • climate-related conditions and weather events;
  • disruptions due to accidents, mechanical failures, power outages, transportation or storage constraints, natural disasters, labor difficulties, cyber-attacks or other catastrophic events;
  • pandemics, epidemics, outbreaks, or other public health events, such as the COVID-19; and
  • other factors discussed in Part I, Item 1A – Risk Factors in CRC's Annual Report on Form 10-K and its other SEC filings available at www.crc.com.

CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the filing date, and CRC undertakes no obligation to update this information. This document may also contain information from third party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and do not warrant the accuracy or completeness of such third-party information.


Contacts

Joanna Park (Investor Relations)
818-661-3731
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Richard Venn (Media)
818-661-6014
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Nearly $500 Million Invested to Scale Turnkey Petroleum, Compliance, Integrated Solutions and eMobility Infrastructure and Maintenance Services Nationwide

TROY, Mich.--(BUSINESS WIRE)--OWL Services, a premier sales, installation, program management, and service partner to petroleum, industrial, commercial fleet and electrical vehicle charging companies, today announced its year in review highlighted by a significant growth investment the company received from several leading financial and strategic partners.


The proceeds from the investment were used to accelerate the deployment of the company’s turnkey petroleum construction, maintenance, and compliance services and to scale its industry-leading integrated technology solutions and eMobility business.

As a leader in EV charging station project management, installation and maintenance, OWL Services is currently executing on an ever-growing pipeline of eMobility infrastructure and maintenance projects.

The company works with all major electric vehicle OEM’s and is installing electric charging infrastructure across a blue-chip customer base on a national level. Over the next five years, the company is on track to install more than 10,000 Level 3 chargers expanding on its legacy service business to meet the 97% uptime required for new NEVI funding requirements. OWL Services is well situated to capitalize on the $5 billion designated to building a nationwide network of EV charges under the NEVI program.

“The caliber and interest of our investors illustrates our significant progress and capabilities toward expanding our turnkey petroleum and EV charging infrastructure and maintenance services across the country,” says Greg Ergenbright, CEO, OWL Services. “We are equipped to take on the growing demands of electrification safely, efficiently, and sustainably, just as our partner companies have done for decades with petroleum equipment and services.”

OWL Services is supported by an investor group that includes Trive Capital, Sidekick Operators, Monroe Capital, FS Investments, and Bain Capital Credit. Additionally, Goldman Sachs served as the financial advisor in connection with the company’s latest capital raise and Houlihan Lokey served as the placement agent. OWL Services also retained Gibson Dunn to advise on legal matters.

“With OWL Services, we see a differentiated facility maintenance platform that addresses the unprecedented challenges faced by customers in managing electrification while also maintaining existing infrastructure,” said Blake Bonner, Partner at Trive Capital. “We believe the company’s turnkey sales, service and maintenance platform is uniquely positioned to accelerate North America’s energy transformation and the electrification of its transportation sector.”

ABOUT TRIVE CAPITAL

Trive Capital is a Dallas, Texas-based private equity firm with more than $4 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside growth through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas. The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing more than $6 billion in revenue across Trive’s targeted industry sectors and situations.

ABOUT OWL SERVICES

Headquartered in the Metro Detroit area with over 21 offices and 1,300 field service professionals, OWL Services is the premier sales, installation, program management, compliance and service provider to petroleum, industrial, commercial fleet, and electrical vehicle charging companies across North America.

OWL Services was created by combining the long-standing industry expertise of Oscar W. Larson Company, WildcoPES, CBE, Crompco, e-Structure Solutions, Great Dane Petroleum, and JBI Electrical Systems.

Learn more at owlservices.com. Connect with us on LinkedIn.


Contacts

Audra Hession
EVP Marking & Communications
OWL Services
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(M) +1 203 918 5987

Press Event to Unveil Production iChassis on January 5, 2023

FREEHOLD, N.J.--(BUSINESS WIRE)--Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced that it will showcase the world premiere of five new vehicles at the upcoming 2023 Consumer Electronics Show (CES®), one of world’s largest technology trade shows taking place January 5-8, 2023 in Las Vegas. The new vehicles join what is quickly becoming the most comprehensive All Electric Commercial vehicle lineup available worldwide. Vehicles making their world premiere include the recently announced LM864H, a Class 8 Hydrogen Fuel Cell vehicle, the Logistar 300, an All-Electric Class 3 van, and the iChassis product line of three open-platform, fully programmable vehicles designed for automated and autonomous driving.


Cenntro will host a press event on January 5th to showcase its full product line, unveil its three vehicle production versions of the iChassis and discuss its full product strategy at a press event scheduled for 10:00 AM on January 5, 2023, in Booth 5840.

The press event will be streamed live and available here.

LM864H Brings Zero Emissions for the Long Range

The LM864H is a 6x4 semi-tractor representing Cenntro’s first entry into hydrogen fuel cells and its first heavy-duty truck. The semi-tractor’s electric motors are fully powered by high-efficiency sustainable hydrogen fuel cells with eight 210-liter banks that convert hydrogen into electric power by combining it with oxygen, producing only water as its only byproduct. The LM864H will be available in 3Q of 2023.

LS 300 to bring All Electric Van to Logistics and Vocational Industry

The LS 300 is a Class 3 vehicle and will be available in two variations: as a van and a truck. The range and capacity of the LS300 will make it a strong contender in the commercial EV market for last mile delivery and urban services. The LS300 is equipped with a 118kWh lithium iron phosphate (LFP) battery, a maximum speed of 62 mph and the range of 273 miles (440 km). The van version features four doors for easy access and the truck variation can be upfitted with different configurations that can meet the needs for multiple applications.

Cenntro Full Product Line on Display in Booth 5840

Cenntro’s exhibit at Booth 5840 in the West Hall will be a 10,000 square feet display of its complete All Electric Commercial product line. The exhibit will include the full Logistar line which features the versatile compact cargo van, the LS100, the multi-purpose LS200 available in van or box truck configurations, the segment defining LS260 van and the Class 4 LS400 purpose-built for last mile delivery and urban services. Cenntro will also showcase its Off-Road Vehicle offerings, the TeeMak, and the Antric One, an auto grade four wheeled e-cargo bike purpose-built for delivery services and general cargo transport.

iChassis Open a Gateway for Open Platform Autonomy

Cenntro's production version, state of the art All Electric iChassis series will revolutionize how the industry defines autonomy and open up new possibilities for commercial applications. The open-platform, fully programmable iChassis series has been designed for automated and autonomous driving. Unlike other industry offerings, Cenntro’s iChassis opens innovation to third-parties to develop their own software and design hardware to control and maneuver the vehicle and to develop new applications that are unique to their needs.

About Cenntro Electric

Cenntro Electric Group Ltd. (or "Cenntro") (NASDAQ: CENN) is a leading designer and manufacturer of electric light and medium-duty commercial vehicles. Cenntro's purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery, and other commercial applications. Cenntro has committed to lead the transformation of commercial fleets to zero-emissions vehicles and develop a full line of zero-emission commercial vehicles through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. For more information, please visit Cenntro's website at: www.cenntroauto.com.

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may,'' "believe,'' "anticipate,'' "could,'' "should,'' "intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,'' "expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'', "positioned,'' "approximately,'' "potential,'' "goal,'' "strategy,'' "outlook'' and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the "Risk Factors" in Cenntro's Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 25, 2022 and which may be viewed at www.sec.gov.


Contacts

Investor Relations Contact:
Chris Tyson
MZ North America
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949-491-8235

ANNAPOLIS, Md.--(BUSINESS WIRE)--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong" or "HASI") (NYSE: HASI), a leading investor in climate solutions, today announced the close of two new programmatic investments in grid-connected renewable energy assets developed, owned and operated by The AES Corporation (NYSE: AES), a Fortune 500 global energy company and one of the largest developers and operators of clean power in the United States, with a 51-gigawatt (GW) development pipeline in the U.S.


Per the agreement, signed on December 22, 2022, HASI will make a common equity investment in an approximately 1.3-GW portfolio of operating solar and wind projects located across six states: Arizona, California, New York, South Dakota, Utah, and Virginia. Additionally, HASI is financing land owned by AES for a solar project and a standalone battery energy storage system in California.

"We are thrilled to expand our programmatic relationship with AES through this new partnership, which is designed to encourage additional investments over the next several years," said Susan Nickey, Chief Client Officer of Hannon Armstrong. "AES' purpose to accelerate the future of energy and create a sustainable future is totally aligned with our mission as a climate positive investor," added Nickey.

"AES is committed to accelerating a greener, smarter energy future," said Leo Moreno, President of AES Clean Energy. "This investment creates an opportunity to expand our development of renewable energy projects, growing our portfolio of wind, solar and battery energy storage facilities across the U.S."

In accordance with the terms of the equity investment in the renewable energy portfolio, HASI intends to acquire a 49% equity interest in the portfolio that includes 17 operating solar projects, and one wind project. With a weighted average remaining contract life of approximately 18 years, the portfolio's cash flows are contracted with a diverse group of predominately investment-grade corporate, utility, and municipal off-takers. AES will continue to own and operate the assets.

The additional solar and storage land financings build on the five-year track record of solar land transactions with AES' clean energy business in the U.S. "These senior-level land financing and common equity transactions with AES are a great example of how we help solve the multiple investment needs of our clients, all transacted with an integrated team," said Manny Haile-Mariam, Managing Director of Hannon Armstrong.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to assets developed by leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $9 billion in managed assets, our core purpose is to make climate positive investments with superior risk-adjusted returns. For more information, please visit hannonarmstrong.com or follow us on Twitter and LinkedIn.

Forward-Looking Statements

Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission

Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.


Contacts

Media:
Gil Jenkins
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443-321-5753

Investors:
Neha Gaddam
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410-571-6189

  • Solution solves hydrogen access in remote locations, by producing fuel on-site
  • Automatic storage tank filling system is easy to use and enables 24/7 operations
  • Next step: larger systems addressing airfield and airport operations

AUSTIN, Texas & TOULOUSE, France--(BUSINESS WIRE)--#UAV--H3 Dynamics is announcing the global launch of H2FIELD-1, a new hydrogen station capable of producing hydrogen in the field for unmanned aerial vehicles of all shapes, sizes and configurations.



Now hydrogen-powered airships, multi-rotors, vertical take-off and landing UAS and various fixed wing systems will be able to benefit from 24/7 hydrogen supply anywhere, anytime.

H2FIELD’s rugged IP-65 trailer-based solution brings hydrogen production to different drone operation locations. It can also be dismounted as a permanent installation and connect to solar panel arrays. H3 Dynamics can supply various configurations, with slow or fast charge options down to minutes per fill - depending on client requirements. H3 Dynamics’ system is extremely compact and can produce hydrogen on site - not just dispense it from other storage forms.

For hydrogen drone operators, H2FIELD-1 solves fundamental hydrogen accessibility in remote areas, unlocking a major logistical barrier for a growing base of hydrogen drone operators in industrial, defense, or even academic sectors. The only feedstock input is water.

H3 Dynamics has been working on a first transatlantic hydrogen-electric flight using liquid hydrogen storage systems currently being tested in France with ISAE-SUPAERO in Toulouse. Last week H3 Dynamics announced its hydrogen propulsion partnership with French airship maker HyLight, and the week prior with Australian VTOL UAV producer Carbonix whose airframes are made by Quickstep - Australia’s leading aerospace composites producer.

2023 will see more of these announcements as H3 Dynamics continues to transition battery-UAS manufacturers to hydrogen technologies. Compared to batteries, hydrogen electric systems increase battery-drone flight durations by several orders of magnitude, opening to many new possibilities in a market that is expected to grow five-fold to $100B by 2030.

H2FIELD-1 marks the start of H3 Dynamics’ foray into hydrogen infrastructure solutions for small, unmanned and increasingly large aircraft, from airfields to airports - with increasingly large output power and hydrogen storage capabilities.

“We are the evolutionary starting point to increasingly large hydrogen powered flight platforms, where testing, certification and regulatory approval challenges vary based on aircraft weight. We want to mature hydrogen technology in today’s existing uncrewed aviation market - and that includes working out hydrogen logistics and refueling systems,” says Taras Wankewycz, CEO and co-Founder at H3 Dynamics.

About H3 Dynamics www.h3dynamics.com

H3 Dynamics is on a mission to decarbonize aviation. While the commercial opportunities around passenger-scale hydrogen aviation propulsion will take many more years to mature, the company is following a “start small” product and services roadmap that solves safety, technical, regulatory challenges by adding scale, weight and complexity over time. The company employs 94 team members from its 3 regional headquarters in Toulouse, Austin and Singapore. H3 Dynamics is a member of the Alliance for Zero Emission Aviation under the European Commission, Sustainable Aero Lab, the Lufthansa Cleantech Hub, the Paris Advanced Air Mobility Alliance, and Aerospace Valley in Toulouse.


Contacts

Taras Wankewycz
CEO, H3 Dynamics
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www.h3dynamics.com

Silicon Carbide can deliver longer driving range and shorter charging times for EVs, an important factor in consumer adoption

DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) today announced the company will be supplying Silicon Carbide devices to power future Mercedes-Benz® Electric Vehicle (EV) platforms, enabling greater efficiency in the powertrain. Wolfspeed’s semiconductors will be incorporated into next generation powertrain systems for several Mercedes-Benz vehicle lines.


“Coming from a long-term technical collaboration history between our companies, we have now chosen Wolfspeed as one of our key partners for future Silicon Carbide devices, thus securing preferred long-term supply, technology and quality of this decisive semiconductor component for our electrification offensive,” said Dr. Gunnar Güthenke, Head of Procurement and Supplier Quality for Mercedes-Benz.

As a leader in luxury vehicles, Mercedes-Benz understands the need for superior performance. By leveraging Wolfspeed’s expertise and Silicon Carbide devices to improve vehicle range and power, Mercedes-Benz plans to have some of the most efficient EVs on the road.

“We are pleased to be supporting Mercedes-Benz, an organization with a long, successful history of providing world-class performance and luxury vehicles, as they introduce next-generation EVs to the market with highly efficient power systems,” said Gregg Lowe, CEO of Wolfspeed. “We are continuing to invest in our manufacturing capacity to support a steepening demand curve for Silicon Carbide devices that will not only improve EV performance and drive greater consumer adoption, but also support the sustainability efforts of global automotive leaders like Mercedes-Benz.”

The Silicon Carbide power devices for Mercedes-Benz will be produced at Wolfspeed’s facilities in Durham, North Carolina and its new 200mm Mohawk Valley Fab in Marcy, New York. This Mohawk Valley Fab is the world’s largest Silicon Carbide fabrication facility and is dramatically expanding Wolfspeed’s production capacity. Earlier this year Wolfspeed also announced it was beginning construction on a new Silicon Carbide materials facility in North Carolina, which will expand its Silicon Carbide capacity by more than 10x.

About Wolfspeed, Inc.:

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.

Twitter: @Wolfspeed

LinkedIn: @Wolfspeed

Forward Looking Statements:

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking statements. Actual results could differ materially due to a number of factors, including the risks associated with construction of a new device fabrication facility, including issues related to installing and qualifying new equipment, potential production process yield and quality control deviations, and potential unanticipated increases in costs or decreases in output; the risk Wolfspeed may encounter delays or other difficulties in ramping up production of its capacity to supply these products; the risk that Wolfspeed may be unable to manufacture these products with sufficiently low cost to offer them at competitive prices or with acceptable margins; customer acceptance of these new products; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 26, 2022, and subsequent filings.

Wolfspeed® is a registered trademark of Wolfspeed, Inc. Mercedes-Benz® is a registered trademark of Mercedes-Benz Group AG.


Contacts

Wolfspeed Investor Relations Contact:
Tyler Gronbach
Vice President, Investor Relations
919-407-4820
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Wolfspeed Media Contact:
Melinda Walker
Director, Corporate Communications
818-261-4585
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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Holdings, Co. (NYSE: CR) announces the following schedule and teleconference information for its fourth quarter 2022 earnings release:


  • Earnings Release: January 23, 2023 after close of market by public distribution and the Crane website at www.craneco.com.
  • Teleconference: January 24, 2023 at 10:00 AM (Eastern) hosted by Max H. Mitchell, President & CEO, and Richard A. Maue, Senior Vice President & CFO. The call can be accessed in a listen-only mode via the Company’s website www.craneco.com. An accompanying slide presentation will also be available on the Company’s website.
  • Web Replay: Will be available on the Company’s website shortly after completion of the live call.

About Crane Holdings, Co.

Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.


Contacts

Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com

  • H2B2 not only manufactures small and large scale electrolyzers, but also offers its customers a full suite of customized end-to-end energy solutions through its ability to design, build, own, and operate fully integrated green hydrogen production facilities.

  • The Company utilizes proprietary PEM electrolyzer technology and is developing in-house, next-generation SOEC and AEM technologies. H2B2 currently has capacity to deliver up to 200MW of commercially available electrolyzers annually.

  • H2B2 has a commercial footprint in California, Spain, Germany, India and Colombia and aims to become a top tier green hydrogen company over the next 5 years.

  • H2B2 has been selected as a participant in the IPCEI Hy2Tech (Important Projects of Common European Interest) program, through which it has been approved by the European Commission to receive up to € 25 million in public grants. The Company is further supported by grant funding from the California Energy Commission, as well as a growing pipeline of potential blue-chip global customers. As a result, H2B2 is well positioned to become a global market leader in the deployment of green hydrogen electrolysis facilities and end-to-end green hydrogen solutions.

  • With the growth in and deployment of zero or low carbon green hydrogen solutions being underpinned by global support from regulators and policy makers, the hydrogen energy market is expected to reach a $10 trillion value by 2030[1] and installations of electrolyzers are set to grow from 2 gigawatts currently to 242 gigawatts over the next eight years[2].

MIAMI BEACH, Fla. & MADRID, Spain--(BUSINESS WIRE)--H2B2 Electrolysis Technologies (“H2B2” or the “Company”), a leading developer and operator of green hydrogen production systems for clean energy generation, and RMG Acquisition Corporation III (Nasdaq: RMGC) (“RMG III”), a publicly-traded special purpose acquisition company, announced today that they have entered into a letter of intent (“LOI") for a potential business combination.


Under the terms of the LOI, H2B2's shareholders would continue holding substantially all of their equity in the combined public company. RMG III and H2B2 expect to announce additional details regarding the business combination when a definitive agreement is executed, which is expected before the end of the first quarter 2023.

Since its founding in 2016, H2B2 has become a key player in the green hydrogen energy sector. The company is expanding rapidly in Europe, the United States, Latin America, Asia and the Middle East and has secured a role in strategic projects. In particular, H2B2 has been selected as a participant in the IPCEI Hy2Tech (Important Projects of Common European Interest) program, through which it has been approved by the European Commission to receive up to € 25 million in public grants out of the € 5.4 billion that will be invested.

In 2019, the California Energy Commission awarded H2B2 a grant for the development of a green hydrogen production facility, Sohycal plant, in Fresno, California. This 3MW plant is scheduled to begin production in Q1 2023 and will become the first green hydrogen plant, powered by H2B2, vertically integrated from the photovoltaic production of electricity to the transportation and dispensing of green hydrogen at the charging station.

In 2021 Colombia's Ecopetrol, one of the world's leading oil companies, began working with H2B2 and recently incorporated the Company into its group of strategic partners as part of its plan to decarbonize and develop green hydrogen energy. H2B2 has also recently entered the Indian market through a joint venture with GR Promoter Group and the creation of GreenH.in Electrolysis.

The Company has reinforced its commitment to good corporate governance by increasing the number of independent directors on its board, including newly appointed chairman Antonio Vázquez, who has four decades of experience in international business development. Mr. Vázquez most recently was Chairman of IAG, the holding company for Iberia, British Airways, Vueling and Aer Lingus, and president of Iberia. The Company also recently appointed as CEO Anselmo Andrade Fernández de Mesa, who has been part of the management team since the Company was founded in 2016, including as its CFO until 2021 and Head of the Business Development division for the last two years. Mr. Andrade earned a master's degree in finance through the London School of Economics and Political Sciences.

As part of the Company’s transition to public ownership, Mr. Andrade takes the reins from Felipe Benjumea Llorente, founder of H2B2, who will assume the role of Strategic Advisor so that he can continue to contribute to the development of the business globally.

The steps we are taking to finalize our business combination with RMG III will represent a new era for our company and a great step forward in accelerating the decarbonization of the energy sector globally,” said Antonio Vázquez, Chairman of H2B2.

Anselmo Andrade added: “The Company will continue to distinguish itself by bringing together a team with decades of experience in the hydrogen energy sector and deploying its proprietary technology as it continues its expansion."

RMG III’s Jim Carpenter said “RMG III is excited to be partnering with a company that we believe has the potential to become a global green hydrogen leader.”

Legal note

No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or time frame currently contemplated, or at all. Any transaction would be subject to board and shareholder approval of both companies, regulatory approvals, and other customary conditions. RMG III is holding an extraordinary general meeting of its shareholders on January 10, 2023 to approve an extension of time for RMG III to complete an initial business combination through May 9, 2023, and the proposed transaction would be subject to approval of the extension proposal by RMG III’s shareholders.

About H2B2 Electrolysis Technologies

H2B2 Electrolysis Technologies (“H2B2”) is a global, vertically integrated provider of hydrogen energy systems, services, and equipment, with its own proprietary water electrolysis technology. The Company’s suite of products and services span the production and transport of hydrogen, from design through operation. Hydrogen is commercialized across a variety of sectors such as industrial, energy storage, mobility and residential. For more information, visit www.H2B2.es or connect with us on Twitter or LinkedIn.

About RMG Acquisition Corporation III

RMG Acquisition Corporation III (Nasdaq: RMGC) (“RMG III”) is a special purpose acquisition company (SPAC) affiliated with Riverside Management Group, formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. RMG III’s securities are listed on NASDAQ, with $483M cash in trust raised through its IPO. For more information about RMG III, please visit www.rmgacquisition.com.

Important Information and Where to Find It

RMG III has mailed to its shareholders of record as of November 22, 2022 a definitive proxy statement (the “Extension Proxy Statement”) for an extraordinary general meeting of shareholders to be held on January 10, 2023 to (i) extend the date by which RMG III must consummate an initial business combination or, otherwise, cease its operations (except for the purpose of winding up) from February 9, 2023 to May 9, 2023 and (ii) allow RMG III, without another shareholder vote, to elect to further extend the date to consummate a business combination up to three times by an additional month each time after May 9, 2023 for a total of up to six months, to August 9, 2023, if RMG III has entered into a definitive business combination agreement (the “Extension Amendment Proposal”). Shareholders may obtain a copy of the Extension Proxy Statement, without charge, by directing a request to: RMG Acquisition Corp. III, 57 Ocean, Suite 403, 5775 Collins Avenue, Miami Beach, Florida 33140. The Extension Proxy Statement can also be obtained, without charge, at the U.S. Securities and Exchange Commission’s (the “SEC”) website, www.sec.gov.

If a legally binding definitive agreement with respect to the proposed transaction is executed, RMG III intends to file preliminary and definitive proxy statements/prospectuses with the SEC. The preliminary and definitive proxy statements/prospectuses and other relevant documents will be sent or given to the shareholders of RMG III as of the record date established for voting on the proposed transaction. Shareholders will also be able to obtain copies of the proxy statement/prospectus, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: RMG Acquisition Corp. III, 57 Ocean, Suite 403, 5775 Collins Avenue, Miami Beach, Florida 33140. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

RMG III urges investors, shareholders and other interested persons to read the Extension Proxy Statement and, when available, the preliminary and definitive proxy statements/prospectuses as well as other documents filed with the SEC because these documents do and will contain important information about RMG III, the Extension Amendment Proposal, H2B2 and the proposed transaction.

Participants in the Solicitation

RMG III and its directors and executive officers may be deemed participants in the solicitation of proxies with respect to the Extension Amendment Proposal and the potential transaction described herein under the rules of the SEC. Information about the directors and executive officers of RMG III is set forth in RMG III’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 31, 2022. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction will be set forth in the definitive proxy statement/prospectus when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed transaction. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of RMG III and H2B2 and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of RMG III or H2B2. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the inability of RMG III to enter into a definitive agreement with respect to an initial business combination with H2B2 within the time provided in RMG III’s amended and restated memorandum and articles of association; the performance of H2B2’s business; the risk that the approval of the shareholders of RMG III for the proposed transaction is not obtained; failure to realize the anticipated benefits of the proposed transaction, including as a result of a delay in consummating the proposed transaction; the amount of redemption requests made by RMG III’s shareholders and the amount of funds remaining in RMG III’s trust account after satisfaction of such requests; RMG III’s and H2B2’s ability to satisfy the conditions to closing the proposed transaction; and those factors discussed in RMG III’s public reports filed with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, the Extension Proxy Statement, as well as the preliminary and the definitive proxy statements/prospectuses that RMG III intends to file with the SEC in connection with the proposed transaction. If any of these risks materialize or RMG III’s or H2B2’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither RMG III nor H2B2 presently know, or that RMG III and H2B2 currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect RMG III’s and H2B2’s expectations, plans or forecasts of future events and views as of the date of this press release. RMG III and H2B2 anticipate that subsequent events and developments may cause their assessments to change. RMG III and H2B2 specifically disclaim any obligation to update or revise any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing RMG III’s or H2B2’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

1 Per UBS research.
2 https://about.bnef.com/blog/a-breakneck-growth-pivot-nears-for-green-hydrogen


Contacts

H2B2
Investors
Roberto Wilson Fernández
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+34 645094134

Media
Marisa Toro
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+34 607665625

RMG III
Philip Kassin
President & Chief Operating Officer
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+1(786) 359-4103

DUBLIN--(BUSINESS WIRE)--The "North America Utilities Asset Management Market Size, Share & Industry Trends Analysis Report by Component, Utility Type, Application (Transmission & Distribution Lines, Sub-station, and Others), Country and Growth Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.


The North America Utilities Asset Management Market should witness market growth of 9.7% CAGR during the forecast period (2022-2028).

There are many facilities where electric, gas, and water use are monitored. Their usefulness is reflected in their bills since they generate enormous costs. The program for managing assets can record daily use. It permits administrators to establish a daily restriction. When this daily limit is going to be exceeded, a notification is sent to the management. This program also gives utility usage data and analyses.

These studies assist in identifying cost-effective methods for reducing utility use. Developing budget projections using historical utility use data. Future utility usage can be estimated for utility management. The reports contain statistics, and the data may be used to save money and prevent wastage or excessive utility consumption.

Asset Management is the systematic process of running, maintaining, improving, and disposing of assets while maintaining satisfactory customer service. The mission of NHDES is to offer a centralized site to give communities information, technical help, and financing possibilities to aid in the establishment of sustainable asset management programs (AMP).

According to the 2017 electric power sector study conducted by the U.S. Energy Information Administration (EIA), about 3,000 electric distribution businesses or utilities were operating in the United States. Included under the category of publicly owned utilities, or POUs, are federal, state, and municipal utilities. In addition to government institutions, political subdivisions may establish POUs, also known as public utility districts, which are utilities voted into existence by citizens and that function independently of city or country administration. Each POU in the United States serves an average of 12,100 electrical users which propels the growth of the utilities asset management market in this region.

The US market dominated the North America Utilities Asset Management Market by Country in 2021; thereby, achieving a market value of $1,956.8 million by 2028. The Canada market is experiencing a CAGR of 12.2% during (2022-2028). Additionally, The Mexico market would exhibit a CAGR of 11.2% during (2022-2028).

Based on Component, the market is segmented into Hardware (Sensors, Cameras, and Others), Software, and Services. Based on Utility Type, the market is segmented into Public Utilities and Private Utilities. Based on Application, the market is segmented into Transmission & Distribution Lines, Sub-station, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

The market research report covers the analysis of key stake holders of the market.

Key companies profiled in the report include

  • General Electric (GE) Co.
  • ABB Group
  • Siemens AG
  • Eaton Corporation
  • IBM Corporation
  • Schneider Electric SE
  • Fujitsu Limited
  • IFS AB
  • Getac Technology Corporation
  • S&C Electric Company

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview

2.1 Introduction

2.1.1 Overview

2.1.1.1 Market Composition & Scenarios

2.2 Key Factors Impacting the Market

2.2.1 Market Drivers

2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global

3.1 The Cardinal Matrix

3.2 Recent Industry Wide Strategic Developments

3.2.1 Partnerships, Collaborations and Agreements

3.2.2 Product Launches and Product Expansions

3.2.3 Acquisition and Mergers

3.3 Market Share Analysis, 2021

3.4 Top Winning Strategies

3.4.1 Key Leading Strategies: Percentage Distribution (2018-2022)

3.4.2 Key Strategic Move: (Acquisitions and Mergers : 2020, Nov - 2022, Aug) Leading Players

Chapter 4. North America Utilities Asset Management Market by Component

4.1 North America Hardware Market by Country

4.2 North America Utilities Asset Management Market by Hardware Type

4.2.1 North America Sensors Market by Country

4.2.2 North America Cameras Market by Country

4.2.3 North America Others Market by Country

4.3 North America Software Market by Country

4.4 North America Services Market by Country

Chapter 5. North America Utilities Asset Management Market by Utility Type

5.1 North America Public Utilities Market by Country

5.2 North America Private Utilities Market by Country

Chapter 6. North America Utilities Asset Management Market by Application

6.1 North America Transmission & Distribution Lines Market by Country

6.2 North America Sub-station Market by Country

6.3 North America Others Market by Country

Chapter 7. North America Utilities Asset Management Market by Country

7.1 US Utilities Asset Management Market

7.1.1 US Utilities Asset Management Market by Component

7.1.1.1 US Utilities Asset Management Market by Hardware Type

7.1.2 US Utilities Asset Management Market by Utility Type

7.1.3 US Utilities Asset Management Market by Application

7.2 Canada Utilities Asset Management Market

7.3 Mexico Utilities Asset Management Market

7.4 Rest of North America Utilities Asset Management Market

Chapter 8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/evn2l8


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T. Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

TORONTO--(BUSINESS WIRE)--$STEEF #Technology--STEER Technologies Inc. ("STEER" or "the Company") (TSXV: STER) (OTCQX: STEEF), an integrated ESG technology platform, is pleased to provide an update on its fast-growing Restaurant Supply Business (B2B Marketplace).


Started organically in Q2 2021, STEER Restaurant Supply Business has achieved quarterly revenues exceeding $12MM by Q3 2022. This represents a 122% year-over-year increase from Q3 2021. The Company believes that this growth reflects robust customer demand as well as its own technical and operational strength.

Based on market feedback STEER has received to date, the primary appeal of the STEER Restaurant Supply Business is its commitment to providing around-the-clock (24/7) ability to process and deliver orders at competitive and transparent prices, alongside the Company’s assurances of a high degree of quality control. The platform’s technology stack aims to allow for scalability at a relatively manageable marginal cost, which STEER projects will ultimately lead to healthier cash flows. In the Company’s view, an exceptional digital user experience has resulted in a higher percentage of online-only orders. For example, in October 2022 more than 93.15% of orders were placed online.

"We are very proud of the success of the STEER Restaurant Supply Business in such a short amount of time. Strong demand for our restaurant supply deliveries, powered by STEER’s innovative technology platform, has contributed to the impressive 122% growth in revenue between Q3 2021 and Q3 2022. It is gratifying to see the positive impact our platform has had on the North American restaurant supply industry, with over 20% market penetration, serving nearly one in five independently owned restaurants in Ontario,” said Suman Pushparajah, CEO of STEER. “With Single-use Plastics Prohibition Regulations now in effect, we are committed to doing our part in implementing Canada’s comprehensive plan to address pollution, reduce greenhouse gas emissions and meet its target of zero plastic waste by 2030."

The STEER Restaurant Supply Business is an online platform focusing on the sale and delivery of restaurant industry supply items on a just-in-time (“JIT”) basis. It aims to provide delivery of goods from suppliers to restaurants in a way that not only reduces their inventory and storage costs, but also allows them to choose from the Company’s more environmentally conscious supply options. The STEER Restaurant Supply Business is powered by a proprietary technology platform that integrates restaurant owners’ needs and seamlessly connects user interface with the warehouse and delivery operations. STEER’s management is confident that the performance its Restaurant Supply Business has demonstrated to date provides sound footing for its next stages of expansion and continued growth and market penetration.

At STEER’s Restaurant Supply Business, the focus lies on automation, technological enhancement of its warehouse, inventory and employee management systems, as well as financial management optimization to increase efficiency and reduce operating costs. For instance, STEER’s warehouse management system (“WMS”) software provides real-time data for inventory through barcodes, serial numbers, and RFID* tags. This practice allows STEER to keep inventory levels low and move the products efficiently through the warehouse. The WMS also helps assign tasks to team members based on their skills and schedules, optimizes inventory movement, assists in planning and putaway management, and integrates with accounting applications. Currently, STEER is also considering the potential for introducing Automated Guided Vehicles (AGVs) in its Restaurant Supply Business to achieve further cost savings as well as reduce warehouse product damage.

About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company’s goal is to build a one-of-a-kind ecosystem that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company’s offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, restaurant supply business, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company’s impact on carbon reductions and offsets.

For more about the Company, visit www.steeresg.com.

Suman Pushparajah, CEO
This email address is being protected from spambots. You need JavaScript enabled to view it.
STEER Technologies Inc.
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.steeresg.com

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the Company’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, the anticipated future performance, expansion, growth and market penetration of the STEER Restaurant Supply Business and its future impact on the North American restaurant supply industry, and the potential for introducing Automated Guided Vehicles (AGVs) in the STEER Restaurant Supply Business. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to success of the Company’s Restaurant Supply Business (B2B Marketplace) results and its subsequent ability to sustain its growth, may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2, 2022) and its interim MD&A for the period ended March 31, 2022, June 30, 2022, September 30,2022 (filed on SEDAR on May 30, 2022, August 29, 2022 and November 29, 2022 respectively) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contacts

Company Contact: Suman Pushparajah, This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact: Maria Verbytska, This email address is being protected from spambots. You need JavaScript enabled to view it., Tel: 1-888-300-2228

DUBLIN--(BUSINESS WIRE)--The "Renewable Energy Market by Type and End User - Global Opportunity Analysis and Industry Forecast, 2022-2030" report has been added to ResearchAndMarkets.com's offering.


Renewable Energy Market size was valued at USD 856.08 billion in 2021 and is predicted to reach USD 2,025.94 billion by 2030 with a CAGR of 9.6% during the forecast period from 2022 to 2030.

Demand for sustainable energy has increased across the world owing to factors such as the growing concerns related to climate change and increasing pollution levels. In addition, the decline in the cost of solar panels serves as a great contribution to an increase in the use of solar energy, which fuels the renewable energy industry growth.

However, the high initial capital investments and lack of resources in several countries are expected to hamper the market growth. On the contrary, technological advancements in solar PV manufacturing and solving intermittency problems using energy storage systems are expected to create ample opportunities for the key players operating in the renewable energy market during the coming decade.

Segment Overview

The global renewable energy industry is segmented on the basis of type, end user, and geography.

  • Based on type, the market is classified into wind power, hydroelectric power, solar power, bio energy, and geothermal.
  • Based on end user, the market is categorized into residential, industrial, and commercial.
  • Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.

Recent Developments

September 2022

GE Renewable Energy received orders from Continuum Green Energy Limited in order to supply, install, and commission 81 of its 2.7-132 onshore wind turbines for the 218.70 MW wind power projects spread across India. These projects aim to power various industries and commercial establishments in Tamil Nadu and Madhya Pradesh, India.

September 2022

GE Renewable Energy received orders from Continuum Green Energy Limited in order to supply, install, and commission 81 of its 2.7-132 onshore wind turbines for the 218.70 MW wind power projects spread across Tamil Nadu and Madhya Pradesh, India.

August 2022

The Italian energy agency, Gestore dei Servizi Energetici (GSE) launched a 1.5 billion euro rebate scheme aimed at helping farming businesses install rooftop PV systems on agricultural buildings. The Italian government is expected to deploy 375 MW of new solar PV capacity through this program.

July 2022

Moroccan Agency for Sustainable Energy (MASEN) launched a tender to seek Engineering, Procurement, and Construction (EPC) contractors for its Noor Atlas solar program. The call for expression of interest seeks to construct several solar photovoltaic plants across several regions in Africa.

February 2022

ABB collaborated with IBM and Worley to sign a memorandum of understanding on helping energy companies build and operate green hydrogen facilities more efficiently and at scale. The planned three-party partnership intends to create an integrated, digitally enabled solution enabling facility owners to construct green hydrogen assets more rapidly, affordably, and safely, and to operate them more efficiently.

January 2022

A new utility-scale solar power project, Fox Coulee Solar Project was unveiled in Alberta, Canada. The 85.6-MW solar PV power project was planned and developed by two companies, Aura Power Developments and Subra GP, in a single phase. Its construction was started in 2022 and is expected to be in service by 2023

December 2021

Solar Philippines Nueva Ecija Corporation started the construction of its 500 MWp Nueva Ecija solar farm in Centrl Luzon, Philippines. The plant is expected to be constructed in phases, and the first 50 MWp solar farm is slated to go online by the end of 2022

Market Dynamics

Drivers

  • Favorable Government Policies to Curb the Carbon Footprint
  • The Declining Costs of Solar Power Boost Its High Adoption
  • Rising Government and Corporate Investments in Renewable Energy Sources

Restraints

  • High Initial Capital Investments

Opportunities

  • Technological Advancements and Increasing Energy Demand from the Highly Populated Countries

Companies Mentioned

  • General Electric
  • ABB
  • ACCIONA
  • Enel Spa
  • Schneider Electric
  • Xcel Energy Inc.
  • Siemens Gamesa Renewable Energy, S.A.
  • Suzlon Energy Limited
  • Innergex
  • Tata Power

For more information about this report visit https://www.researchandmarkets.com/r/819zp7


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, announced that Eagle Bulk Shipping Inc. (NYSE: EGLE) has completed its listing transfer and begins trading today as an NYSE-listed company.


Eagle Bulk now will be able to leverage all the advantages of membership in the NYSE community. These include the exchange’s unique market model, combining cutting-edge technology with accountability and human judgment. Membership also brings an unmatched network of CEOs and business leaders, made up of more than 2,400 of the world’s largest and most innovative companies, the incomparable brand visibility that stems from an exchange listing and core investor relations services.

“We are truly excited to join the New York Stock Exchange and have our shares trade alongside some of the world’s most respected companies, including the majority of our U.S.-listed peers within the maritime/shipping space,” said Eagle Bulk CEO Gary Vogel. “We believe listing on the NYSE will further improve our trading liquidity and overall standing within the financial markets, enhancing value for our shareholders.”

“We’re thrilled to welcome Eagle Bulk to the NYSE, the world’s premier listing venue,” said John Tuttle, Vice Chair, NYSE Group.

In 2022, the NYSE led the industry with 34 issuers transferring their listings to the exchange, the highest number since 2002. More than 300 issuers have transferred their listings to the NYSE since 2000, representing more than $1 trillion in current market value.

About NYSE Group

NYSE Group is a subsidiary of Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure. NYSE Group’s equity exchanges -- the New York Stock Exchange, NYSE American, NYSE Arca, NYSE Chicago and NYSE National -- trade more U.S. equity volume than any other exchange group. The NYSE, an ICE exchange, is the premier global venue for capital raising. NYSE Arca Options and NYSE Amex Options are leading equity options exchanges. To learn more, visit nyse.com.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.

Category: NYSE


Contacts

NYSE Media Contact:
Bridget Walsh
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(212) 656-2298

ICE Investor Contact:
Katia Gonzalez
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(678) 981-3882

DUBLIN--(BUSINESS WIRE)--The "Managed Pressure Drilling Services: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.


The global market for Managed Pressure Drilling Services estimated at US$4.6 Billion in the year 2020, is projected to reach a revised size of US$5.9 Billion by 2027, growing at a CAGR of 3.6% over the analysis period 2020-2027.

Constant Bottom Hole Pressure, one of the segments analyzed in the report, is projected to record a 4.3% CAGR and reach US$2.8 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Mud Cap Drilling segment is readjusted to a revised 2.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.4 Billion, While China is Forecast to Grow at 3.4% CAGR

The Managed Pressure Drilling Services market in the U.S. is estimated at US$1.4 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2027 trailing a CAGR of 3.4% over the analysis period 2020 to 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.4% and 3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.

Dual Gradient Drilling Segment to Record 3.2% CAGR

In the global Dual Gradient Drilling segment, USA, Canada, Japan, China and Europe will drive the 3.2% CAGR estimated for this segment.

These regional markets accounting for a combined market size of US$634.4 Million in the year 2020 will reach a projected size of US$796.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.

Select Competitors (Total 12 Featured) -

  • Aker Solutions ASA
  • Archer
  • Baker Hughes, a GE company
  • Blade Energy Partners
  • Eds Group As (Enhanced Drilling)
  • Ensign Energy Services Inc.
  • Halliburton
  • National Oilwell Varco, Inc.
  • Schlumberger Ltd.
  • Weatherford International Ltd.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Managed Pressure Drilling Services - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/s6kl19


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

If approved, the project would enable rapid deployment of Nostromo’s novel large-scale ice-based energy storage systems for up to 120 buildings in California and other U.S. states

IRVINE, Calif.--(BUSINESS WIRE)--Nostromo Energy, Inc., provider of the IceBrick® system, a breakthrough energy storage solution to decarbonize commercial and industrial (C&I) buildings and the power grid, today announced that it has been invited by the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) to submit a Part II application for a loan guarantee under the Title XVII Innovative Clean Energy Loan Guarantee Program. The proposed $189 million loan guarantee from the DOE would support Nostromo’s “energy storage-as-a-service” (ESaaS) offering, designed to accelerate the deployment of its large-scale, behind-the-meter, modular and highly-efficient cold energy storage technology. The invitation to submit a Part II application means that the LPO determined, based on information submitted, that Nostromo’s proposed project employs innovative technology, is expected to reduce greenhouse gas emissions and meets the applicable Part I technical eligibility requirements.



If approved, this $189 million loan guarantee would help finance the installation of Nostromo’s energy storage system in up to 120 C&I buildings in California and other U.S. states, with an aggregated capacity of 100 MW/275 MWh, create hundreds of U.S. jobs and significantly reduce GHG emissions from energy use by these buildings. The IceBrick® systems will be centrally managed by Nostromo’s Cirrus™ cloud-based management system, and operate as a virtual power plant to provide demand flexibility to the local power grid. The loan guarantee is subject to completion of an equity capital raise for an amount yet to be determined.

Concurrently, Nostromo appointed investment bank Independence Point Securities as an exclusive advisor for raising the equity capital for the project.

“If the application successfully proceeds to a loan guarantee, the DOE’s and LPO’s support will help us accelerate commercial deployment of our novel energy storage technology for behind-the-meter installation, which is critical for both balancing and decarbonizing the power grid,” said Yoram Ashery, CEO at Nostromo Energy. “We’re looking forward to working with Independence Point to quickly finalize the equity financing component of the project, so we can begin catalyzing the much needed decarbonization of the existing building stock.”

Buildings overall account for 74 percent of all electricity consumption. However, C&I buildings have fallen significantly behind other energy storage segments, accounting in California for only 1 percent of total new storage capacity in 2021, compared to 93 percent in front of the meter (utility scale) and 6 percent in residential homes. Nostromo’s safe, ice-based energy storage system is uniquely positioned for rapid deployment in the C&I sector, who’s cooling energy demands accounts for approximately half of a building’s energy use and more than a third of the total potential for load shifting by behind-the-meter storage on the entire power grid. This results in lowering the building’s energy costs and carbon emissions, enabling more EV charging capacity and providing resilience during extreme weather.

DOE Loan Guarantee

To date, LPO’s Title XVII Innovative Clean Energy Loan Guarantee Program has provided more than $35 billion in loan guarantees to a variety of energy projects. The loan guarantee application consists of two parts: in the Part I application, the applicant provides information to LPO so they can determine whether the project satisfies Part I technical eligibility requirements. If the project satisfies the technical eligibility requirements, then LPO invites the applicant to submit a Part II application. DOE’s invitation to submit a Part II application is not an assurance that DOE will invite an applicant into the due diligence and term sheet negotiation process, that DOE will offer a term sheet to an applicant, that DOE will issue a loan guarantee, or that the terms and conditions of a loan guarantee will be consistent with terms proposed by an applicant. The foregoing matters are wholly dependent on the results of DOE review and evaluation of a Part II Application, and DOE’s determination whether to proceed.

About Nostromo Energy

Nostromo Energy provides a sustainable energy storage solution for commercial and industrial buildings that enables measurable reduction of carbon emissions and energy costs and increases resilience for the building and grid. Nostromo’s clean, safe and highly efficient IceBrick™ solution transforms how buildings manage their main use of energy, which is cooling. This solution stores energy during off-peak or surplus solar energy hours, when electricity’s cost and carbon emission are low, so it can be used for cooling during peak demand hours, when electricity’s cost and carbon emissions are high. Founded in 2017, Nostromo is publicly listed in the Tel Aviv Stock Exchange. To learn more about Nostromo, visit www.nostromo.energy.


Contacts

Nostromo Energy
Doug Poffinbarger
(760)-722-8222
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HAMILTON, Bermuda--(BUSINESS WIRE)--Everen Limited (”Everen”) announced today that George F. Hutchings, Senior Vice President and Chief Operating Officer, will retire at the end of 2023. Robert J. Foskey, Senior Vice President and Chief Actuary, will succeed Mr. Hutchings as Chief Operating Officer, effective April 1, 2023. Mr. Hutchings will remain at Everen for the balance of 2023 as Special Advisor.



John Weisner, Everen’s Chairman, said: “On behalf of the Board of Directors, the management team, and all of Everen’s employees, I want to thank George for the tremendous impact he has had on the organization over the past 18 years. A steadfast and strategic leader, George played a significant role in transforming the mutual insurer, including, the establishment of a highly cost effective capital structure, the introduction of a revised pricing methodology, the launch of a new way to cover windstorm losses, the creation of online data analytics for the membership, the development of several strategic plans and the full renaming and rebranding of the organization. The Board is sincerely grateful to George for his dedication to Everen and wishes him all the best in the next chapter of his life.

“While we will miss George, we are thrilled to welcome Rob to his new position in the organization. Since joining Everen in 2007, Rob has played an integral role in the company’s ongoing growth and I know that this track record of success will continue when he takes over as COO."

According to Bertil C. Olsson, President and Chief Executive Officer, “Since George joined the organization in 2005, Everen and the leadership team have grown the company’s capital base from $800 million to almost $3.5 billion today, using a conservative investment and capital management strategy. We have also added 33 new member insureds. During that same period, Everen returned value to its members by paying close to $3 billion in dividends. I am looking forward to working with Rob in his new role and am confident that he is the best choice for Everen’s next COO, as he continues to be an invaluable member of the senior leadership team.”

Mr. Foskey’s selection is the culmination of a robust, multi-year leadership development and succession planning process led by the Board. Weisner added that “Rob was the natural choice to succeed George given his significant involvement in virtually all of the improvements made to Everen over the past 17 years. As Chief Actuary, Rob has been a key member of the leadership team and has demonstrated a strong ability to help move the organization forward. The Board is confident Rob will be a very effective leader of Everen and will continue to drive the company to further success.”

Mr. Hutchings said, "It has been an honor to serve as COO of Everen during this period of transformation and growth, and I want to offer my sincere thanks to our employees whose hard work and dedication have allowed us to achieve so much. I also want to thank our shareholders, my colleagues in our leadership team and the Board of Directors for their ongoing support. I have worked with Rob for many years and he is an excellent choice to take the reins as COO of Everen. I look forward to working closely together for the balance of the year to ensure a smooth transition."

"I want to thank George for his contributions to Everen over the past 18 years and the Board for its confidence as I step into this role," said Mr. Foskey. "I am honored and excited to have the opportunity to work with our talented leadership team and employees to build upon the company’s success and continue to advance Everen’s position as a leader in the global energy insurance industry."

Headquartered in Bermuda, Everen Limited is the insurer of choice for the world’s leading energy companies, insuring almost $4 trillion of global energy assets. The company was established in 1972 as a mutual insurer, an innovative structure whereby its policyholders are also its shareholders and coverage is provided at cost. Everen offers its shareholders per occurrence property limits of up to $450 million across an extensive range of energy industry assets – from traditional oil and gas through to alternative industry segments such as renewables. Everen’s shareholders consist of medium to large sized energy companies in both the public and private sectors with a minimum of $1 billion per shareholder in physical property assets and an investment grade rating or equivalent. Everen is rated A by S&P and A2 by Moody’s.

For further information about the company, please visit Everen.bm


Contacts

For more information, please contact Karyn Peixoto, Director – HR Everen on This email address is being protected from spambots. You need JavaScript enabled to view it.

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